Monitoring the operation of a system, such as a computer system, manufacturing system, and/or any other type of system, may be essential to ensure that the system is operating in its intended manner and for its intended purpose. A system may be monitored to identify significant events and/or incidents associated with the operation of the system, which may allow the system to respond appropriately to the identified events and/or incidents. It may often be desirable to identify groups or sequences of significant events and/or incidents that occur within certain time constraints. Identifying events and/or incidents in this manner may involve the use of timers to determine whether the events and/or incidents occurred within the requisite time constraints. The use of timers, however, often results in decreases in performance due to the resources required to implement the timers.